Blockchain-powered payments are coming to South Korea’s highways – with the nation’s motorway operator sealing an agreement that will see it use blockchain technology to power toll payments across the land before the end of the year.
Per D Daily, KEB Hana Bank, one of the nation’s leading commercial banks, has signed on blockchain-based services and collaboration with the state-owned highway operator, the Korea Expressway Corporation.
The contract will see the parties make use of KEB Hana’s smartphone banking app Hana One Q to allow motorists to submit their toll payments, pay in a lump sum or receive refunds – doing away with the smart card, credit card or cash-based payments at toll points across the country.
KEB Hana and Korea Expressway Corporation announced they would also look to expand their cooperation using blockchain technology to transfer data, sharing service information, and sending and receiving processing a range of information.
The deal, which has the advantage of the country’s Ministry of Science and ICT and the state-operated Korea Internet & Security Agency (KISA), will allow motorists to sign up quickly by entering the vehicle registration number in a new field of the bank’s app. KISA et al. are hopeful that the move will boost contact-free payments, a key pillar of Seoul’s coronavirus pandemic response measures.
The platform, said the parties, will be offered before the year is out.
Last month, KEB Hana agreed on a deal that will see it, and three other South Korean commercial banks, provide real-time foreign exchange rate data for a DeFi platform that includes Oracle and Chainlink (LINK).